Complete problems 4-32 and 4-33 in the textbook (Acc. 650 process-costing.)

Prepare your responses in Excel with each problem on a separate tab.

PROBLEM 4-32 Analysis of work-in-process inventory account

A-I products manufactures wooden furniture using an assembly line process. All direct materials are introduced at the start of the process, and conversion cost is incurred evenly throughout manufacturing. An examination of the company?s work-in-process inventory account for June revealed the following selected information;

Debi side:

June 1 balance: 300 units, 30% complete as to conversion, cost $21,300

Production started: 900 units

Direct material used during June: $45,000

June conversion cost: $25,700

Credit side:

Production completed: 700 units

Supplementary records revealed direct material cost of $15,000 and conversion cost of $6,300

Conversations with manufacturing personnel revealed that the ending work in process was 60% complete as to conversion.

Required:

1. Determine the number of units in the June 30 work-in-process inventory.

2. Calculate the cost of goods completed during June and prepare the appropriate journal entry to record completed production.

3. Determine the cost of the June 30 work-in-process inventory.

4. Briefly explain the meaning of equivalent units needed to properly allocate costs between completed production and production process.

PROBLEM 4-33

The following data pertain to the Hercules tire and rubber company for the month of May.

Work in process, May 1 (in units)???????????????????

Units started during may?????????????????????.60, 000

Total units to account for ??????????????????????75, 000

Units completed and transferred out during may????????????

Work in process, May 31 (in units)?????????????????.10, 000

Total equivalent units: direct material???????????????..75, 000

Total equivalent units: conversion??????????????????.?

Work in process, may 1: direct material??????????????$135,000

Work in process, may 1: conversion???????????????????.?

Costs incurred during may: direct material???????????????..?

Costs incurred during may: conversion????????????????. $832,250

Work in process, may 1: total cost???????????????????.172, 500

Total cost incurred during may??????????????????????1,402,250

Total cost to account for?????????????????????????..1,574,750

Cost per equivalent unit: direct material???????????????????.9.40

Cost per equivalent unit: conversion??????????????????????.?

Total Cost per equivalent unit?????????????????????????.21.65

Cost of goods completed and transferred out during May???????????

Cost remaining in ending work-in-process inventory: direct material???..?

Cost remaining in ending work-in-process inventory: conversion?????.73, 500

Total cost of May 31 work-in-process?????????????????????167,500

Additional information:

(a) Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process.

(b) Hercules uses weighted-average process costing.

(c) The May 1 work in-process was 20% complete as to conversion.

(d) The May 31 work in process was 60% complete as to conversion.

Required: Complete the missing amount, and prepare

Hilton, R. W. (2011). Managerial accounting: Creating value in a dynamic business environment (9th ed.). New York, NY: Complete problems 4-32 and 4-33 in the textbook (Acc. 650 process-costing.) Prepare your responses in Excel with each problem on a separate tab. PROBLEM 4-32 Analysis of work-in-process inventory account A-I products manufactures wooden furniture using an assembly line process. All direct materials are introduced at the start of the process, and conversion cost is incurred evenly throughout manufacturing. An examination of the company's work-in-process inventory account for June revealed the following selected information; Debi side: June 1 balance: 300 units, 30% complete as to conversion, cost $21,300 Production started: 900 units Direct material used during June: $45,000 June conversion cost: $25,700 Credit side: Production completed: 700 units Supplementary records revealed direct material cost of $15,000 and conversion cost of $6,300 Conversations with manufacturing personnel revealed that the ending work in process was 60% complete as to conversion. Required: 1. Determine the number of units in the June 30 work-in-process inventory. 2. Calculate the cost of goods completed during June and prepare the appropriate journal entry to record completed production. 3. Determine the cost of the June 30 work-in-process inventory. 4. Briefly explain the meaning of equivalent units needed to properly allocate costs between completed production and production process. PROBLEM 4-33 The following data pertain to the Hercules tire and rubber company for the month of May. Work in process, May 1 (in units)......................................................? Units started during may................................................................60, 000 Total units to account for ..................................................................75, 000 Units completed and transferred out during may.................................? Work in process, May 31 (in units)....................................................10, 000 Total equivalent units: direct material...............................................75, 000 Total equivalent units: conversion.......................................................? Work in process, may 1: direct material..........................................$135,000 Work in process, may 1: conversion..........................................................? Costs incurred during may: direct material...............................................? Costs incurred during may: conversion................................................. $832,250 Work in process, may 1: total cost..........................................................172, 500 Total cost incurred during may..................................................................1,402,250 Total cost to account for.............................................................................1,574,750 Cost per equivalent unit: direct material..........................................................9.40 Cost per equivalent unit: conversion...................................................................? Total Cost per equivalent unit............................................................................21.65 Cost of goods completed and transferred out during May..............................? Cost remaining in ending work-in-process inventory: direct material...........? Cost remaining in ending work-in-process inventory: conversion................73, 500 Total cost of May 31 work-in-process...............................................................167,500 Additional information: (a) Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. (b) Hercules uses weighted-average process costing. (c) The May 1 work in-process was 20% complete as to conversion. (d) The May 31 work in process was 60% complete as to conversion. Required: Complete the missing amount, and prepare the firm's May production report